state bank of india

The Bill was passed to repeal the SBI (Subsidiary Banks) Act 1959, StateBank of Hyderabad Act 1956 and to further amend the StateBank of India Act, 1955, following the merger of five associates with the parent SBI.

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SBI , State Bank of India , State Banks (Repeal and Amendment) Bill

In May 2016, the proposal for the merger was cleared by the StateBank of India. The Union Cabinet approved the merger in principle in June 2016. The proposal then went to the respective bank boards before returning to the Union Cabinet for a final nod.

The ambitious project will also invest in improving health services in 177 facilities, including water and sanitation and off-grid electricity backup. It will give a boost state-wide health system, including information, procurement and supply chain management and human resource management systems.

On 17 May 2016, the SBI had informed the Bombay Stock Exchange that it is seeking in-principle sanction of the Union Government to enter into negotiation with its 5 subsidiaries and Bharatiya Mahila Bank for acquisition.

The move is a part of a cleanup process of the SBI’s balance sheets. Vijay Mallya’s Kingfisher Airlines tops the list with dues amounting to almost 1201 Crore Rupees. KS Oil, edible oil maker is the second in the list with dues amounting to 596 Crore Rupees.

The 5th zone will cater to the banking needs of the people of Mizoram, Tripura and Manipur along with the Barak Valley. The other four zones are located in after Guwahati, Shillong, Dibrugarh and Jorhat.

On the other hand, Ashok Kumar Garg and Raj Kamal Verma have been appointed as Executive Director (ED) of Bank of Baroda and Union Bank of India respectively. Gopal Murli Bhagat and Himanshu Joshi have been appointed as ED of Corporation Bank and Oriental Bank of Commerce respectively.